Menu
Fixed Deposit calculation
Hello friends want to know how banks are calculating FD's. for eg. FD Keep for 399 days @ 7.75% for (senior citizen) rs 1 lakh MIS calculated rs 642/- and same amt kept for 333 days @ :7.90% for (senior citizen) comes to rs. 652. how banks are calculating this interest. I am not able to work it out. can anybody solve this.
Replies (3)
Quick Summary
Principal amount x Rate of interest x no.of days ÷ 365 or 366 days = interest amount per year
try bank calculator. formula will be there.
If you calculated by it's simple formula
100000 X 7.75% = 7750 yearly Interest & if you divide by 12 it is coming around 645 & the same is for 7.90%
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
